Guideline Value for Mettu Street 2nd Street

Mettu Street 2nd Street guideline value

The current guideline value of Mettu Street 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024. This street is located in Thiruneermalai village, under the Pammal SRO, and is classified as Residential Class I Type - II.

How the guideline value of Mettu Street 2nd Street has changed

The guideline value for Mettu Street 2nd Street has seen significant changes over the years. In 2003, the value was Rs 312 per sq.ft, which increased to Rs 350 per sq.ft in 2007, marking a 12% rise. The value then surged to Rs 1,340 per sq.ft in 2017, reflecting a substantial increase of 283%. Following this, the value rose to Rs 2,000 per sq.ft in 2023, which is a 49% increase from the previous revision. The latest revision in 2024 sets the guideline value at Rs 2,200 per sq.ft, a 10% increase from 2023.

It is important to note that there are no figures available for the years 2002 and 2012 for this street. Overall, from 2003 to 2024, the guideline value has increased by 605%.

Guideline values in Thiruneermalai

In Thiruneermalai village, there are 316 streets under the Pammal SRO that carry a 2024 guideline value ranging from Rs 1,320 to Rs 6,240 per sq.ft. The median value for these streets is Rs 2,420 per sq.ft, placing Mettu Street 2nd Street's 2024 figure below this median.

• Mettu Street 1st Street: Rs 2,200 per sq.ft (2024)
• Mettu Street: Rs 2,200 per sq.ft (2024)
• M.G.R Street: Rs 1,320 per sq.ft (2024)
• Meenakshi Nagar: Rs 2,200 per sq.ft (2024)
• Muniappan Street: Rs 2,200 per sq.ft (2024)
• Muniyapillai Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Mettu Street 2nd Street

For a 1,000 sq.ft plot at the current guideline value of Rs 2,200 per sq.ft, the total guideline value would be Rs 22,00,000. The stamp duty at 7% would amount to Rs 1,54,000, and the registration fee at 2% would be Rs 44,000, bringing the total to Rs 1,98,000. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

For more information, you can use the stamp duty and registration fee calculator.

Which Sub Registrar Office covers Mettu Street 2nd Street?

The Sub Registrar Office that covers Mettu Street 2nd Street is the Pammal Sub Registrar Office, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075, Chengalpattu registration zone. You can find your SRO for more details.

How the guideline value is used when you buy or sell in Thiruneermalai

The guideline value is a crucial factor when buying or selling property in Thiruneermalai. It serves as the basis for calculating stamp duty and registration fees, which are mandatory during the property registration process. Buyers and sellers must ensure that the property is registered at the guideline value or the actual sale price, whichever is higher.

When a property transaction occurs, the guideline value helps in determining the official value of the property for legal and taxation purposes. This ensures that the government receives the appropriate revenue from property transactions in the area.

Frequently asked questions

What is the current guideline value of Mettu Street 2nd Street?

The current guideline value of Mettu Street 2nd Street is Rs 2,200 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed significantly, from Rs 312 per sq.ft in 2003 to Rs 2,200 per sq.ft in 2024, marking an overall increase of 605%.

What are the stamp duty and registration fees for properties in Mettu Street 2nd Street?

The stamp duty is 7% of the guideline value, while the registration fee is 2%. For a 1,000 sq.ft plot, the total stamp duty and registration fees would be Rs 1,98,000.

Which office do I need to visit for property registration?

The Pammal Sub Registrar Office covers Mettu Street 2nd Street, located at Kamarajapuram Thiruneermalai Main Road, Pammal, Chennai-600075.

What is the significance of the guideline value in property transactions?

The guideline value is used to determine the official value of a property for registration and taxation purposes, ensuring that the appropriate stamp duty and registration fees are collected during property transactions.